Under Armour, Inc.
Under Armour, Inc., together with its subsidiaries, engages in designing, developing, marketing, and distributing performance apparel, footwear, and accessories for men, women, and youth. The company provides its apparel in compression, fitted, and loose fit types. It also offers footwear products for running, training, basketball, cleated sports, recovery, and outdoor applications, as well as for casual use. In addition, the company provides accessories, which include gloves, bags, headwear, and socks. It primarily offers its products under the UNDER ARMOUR, ARMOUR, HEATGEAR, COLDGEAR, HOVR, UA, PROTECT THIS HOUSE, I WILL, ARMOUR FLEECE, and ARMOUR BRA brands. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, mono-branded Under Armour retail stores, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through its own brand and factory house retail stores and e-commerce websites. It operates in the United States, Canada, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company was incorporated in 1996 and is headquartered in Baltimore, Maryland.
What does it do?
Under Armour makes athletic clothing, shoes, and accessories — think compression shirts, running shoes, and gym bags. You've probably seen the interlocking 'UA' logo on athletes and in sports stores. They sell to everyday people who work out, as well as serious athletes across sports like football, basketball, and running. They compete directly with Nike and Adidas, trying to carve out space as the 'performance-first' brand.
Under Armour is in the middle of a turnaround — the company lost $500 million last year and its sales are shrinking, which has crushed its stock price by over 80% from its peak. Investors are watching closely to see if new leadership can stop the bleeding and rebuild a brand that was once one of the hottest names in sportswear. At a $3 billion market cap, some see it as a potential comeback story trading at a discount — others see a brand that may have permanently lost its edge.
How does it make money?
Under Armour makes money by selling apparel, footwear, and accessories through retail stores, its own website, and wholesale partners like Dick's Sporting Goods. Apparel is the biggest piece of the pie, but footwear has been a major growth push. The company brought in $5.0 billion in revenue last year, down from $5.2 billion the year before — meaning it's actually selling less than it used to. Despite that revenue, it posted a net loss of $500 million, so it's spending more than it earns.
Why do investors care?
The bull case is simple: Under Armour was once a $20+ stock with a beloved brand, and some investors believe it can get back there with tighter cost control and smarter marketing. The company has been cutting costs aggressively and refocusing on its core performance products rather than chasing trends. For the story to work, revenue needs to stop shrinking, margins need to recover, and the brand needs to reconnect with athletes. That's a lot that has to go right — but if even half of it works, the stock at $6 could look very cheap in hindsight.
Deep Dive
MemberA full investor briefing on Under Armour, Inc. — history, leadership, risks, and outlook.